DENVER – NorthMarq Capital has arranged a $20.5-million acquisition loan for the 426-unit Lakes at Monaco Pointe in Denver. It is located at 6165 E. Iliff Ave. The loan was arranged by Greg Benjamin and Dan Lucchesi of the firm’s Denver office for a local commercial real estate development and management firm.
CARLSBAD, CALIF. – The 163-unit Villa Real Apartments in Carlsbad has sold to Triumph Properties Group for $20.1 million. This is the firm’s first multifamily purchase in San Diego County. The community is located at 2701 Avenida de Anita. Triumph plans to invest $3.5 million in capital improvements to reposition the community. John Chu, Ed Rosen and Alexjandro Lombrozo of Cushman & Wakefield of San Diego represented both the buyer and the seller, receiver Douglas Wilson and Company, in this transaction.
NORTH MIAMI, FLA. — The 72-unit Waterford Apartments has broken ground in the Ojus area of North Miami. The apartment complex will include one mid-rise building consisting of 64 total units and one townhome building with 8 units. The mid-rise building will include one-, two- and three-bedroom units and the townhome building will offer two- and three-bedroom options. Construction is expected to be complete in August 2013. Hollywood, Fla.-based Cornerstone Group is developing the multifamily project. Altamonte Springs, Fla.-based Forum Architecture & Interior Design Inc. is designing the development.
ALEXANDRIA, VA. — HFF has secured construction financing and joint venture equity for the development of the 276-unit Bell Del Ray, a Class A multifamily community in Alexandria. A joint venture between Woodfield Investments, Arsenal Real Estate Partners LLC and The Davis Companies engaged HFF to secure equity and debt capitalization for the development. The debt for the project was secured through Sovereign Bank and the equity was provided by Bell Partners Fund IV. Bell Del Ray will also include 3,513 square feet of ground-floor retail space. Community amenities will include a courtyard swimming pool, outdoor fireplaces, state-of-the-art fitness facility, club room and gaming room. Bell Del Ray will be located at the south end of Alexandria’s 167-acre, master-planned Potomac Yard, a mixed-use community.
CREVE COEUR AND CEDAR LAKES, MO. — L3C Capital Partners has acquired a four-property apartment portfolio in the greater St. Louis region for $115 million. The portfolio totals 1,447 units and properties include Westchase, Cove West and Cross Creek in Creve Coeur and Cedar Lakes in St. Louis. Freddie Mac provided a $92 million loan for the acquisition. L3C plans to invest $8.2 million to upgrade the properties. Village Green Management will manage the property.
NEW YORK CITY — Skanska USA and Forest City Ratner will soon break ground on B2, the first residential tower that is part of the Atlantic Yards Development in Brooklyn. The groundbreaking for the 32-story apartment building will be held on Dec. 18 and the building is expected to open in 2014. The 363-unit building will be located at the intersection of Dean Street and Flatbush Avenue. Amenities will include a fitness center, bike storage, a resident lounge, game room, yoga studio and roof terrace. Each unit will have a washer and dryer.
CARLSBAD, CALIF. – The 163-unit Villa Real Apartments in Carlsbad has sold to Triumph Properties Group for $20.1 million. This is the firm’s first multifamily purchase in San Diego County. The community is located at 2701 Avenida de Anita. Triumph plans to invest $3.5 million in capital improvements to reposition the community. John Chu, Ed Rosen and Alexjandro Lombrozo of Cushman & Wakefield of San Diego represented both the buyer and the seller, receiver Douglas Wilson and Company, in this transaction.
SAN JOSE, CALIF. – The 275-unit La Moraga Apartments development in San Jose has received a $52-million construction loan. This new mixed-income multifamily community will be located at the corner of Raleigh Road and Charlotte Drive. It is one of the first apartment developments to arise in the South San Jose area since 2004. The project is scheduled for completion in mid-2014. La Moraga is being developed by St. Anton Partners. The loan was provided by U.S. Bank.
KANSAS CITY, MO. — Berkeley Point Capital has arranged a $33.2 million loan for the acquisition and renovation of Camden Passage, a 596-unit apartment community in Kansas City. Robert Cantizano of Berkeley Point arranged the 10-year loan through Fannie Mae, which features three years of interest-only payments and seven years yield maintenance. The borrower, a multifamily investment fund focused on core and value-add acquisitions, plans to use some of the funds for its capital investment budget and to rename the property Northland Passage.
ROCHELLE PARK, N.J. — Real Estate Growth Advisors has acquired Swan Court Apartments, a 126-unit apartment community in Rochelle Park for $15 million. The sale equates to a 5.6 percent cap rate and $119,048 per unit. The property is located at 235 W. Passaic St. across the street from a ShopRite-anchored shopping center. Thomas McConnell of Marcus & Millichap represented the seller, Genwill Co., in the transaction. He also represented the buyer.